London: Mr Augustus Goosie Tanoh, Presidential Advisor on the 24-Hour Economy and Accelerated Export Development, has appealed to Ghanaians living in the United Kingdom to invest back home to contribute towards the 24-Hour Economy and its related initiatives. Speaking at a town hall engagement in London, Mr Tanoh explained that the support would be funding export-driven value chains, transferring technical skills, and partnering with local industries.
According to Ghana News Agency, the purpose of the Town Hall Engagement organised by the Ghana High Commission in London was to enable President John Dramani Mahama to connect with diaspora Ghanaians living in the UK during his five-day high-level visit to the UK. It aimed at updating the diaspora Ghanaians on the nation's macroeconomic recovery, discussing national development priorities, and encouraging diaspora investment and skills transfer.
Mr Tanoh's presentation served as both a progress report on the flagship policy and a strategic appeal for diaspora capital to fuel Ghana's industrial transformation. He remarked that for nearly six decades, the nation's economy had followed the same rhythms, with a few good years of growth, a balance of payment squeeze, and a return to the International Monetary Fund (IMF). He noted that Ghana had had 17 IMF programmes since 1966, approximately one every three and a half years.
The Presidential Advisor highlighted that each IMF intervention temporarily restored the national books, but the underlying structural deformity of the inherited colonial economy remained unchanged. He emphasized the recent agenda President Mahama was leading, resting on two pillars: disciplined macroeconomic management and the promotion of a 24-hour economy.
Tanoh noted that macroeconomic indicators have begun to improve, with inflation dropping to 3.4 percent, the lowest in over four years, representing 15 months of consecutive decline. The Bank of Ghana's policy rate was reduced from 28 percent to 14 percent, and the cedi remained stable.
He emphasized that Ghana's public debt had fallen from 92.4 percent of GDP to below 50 percent, making debt levels sustainable. The economy grew by 7.7 percent in the first quarter of 2026, following a 6 percent growth in 2025, mainly driven by the services sector.
Mr Tanoh outlined a strategy focused on export-led growth by building productive capacity where Ghana has latent advantages. He highlighted processing across the Volta Economic Corridor in areas such as garments, pharmaceuticals, and light industries anchored on affordable energy.
He mentioned four major agreements signed within the preceding ninety days, projected to create over 160,000 jobs: Buipe Solar Farm, Kambonwule Oil Palm Anchor Project, Bioenergy/Biofuels Programme, and Tamale Air Cargo Hub. The Kambonwule Oil Palm Anchor Project aims to establish large-scale sustainable palm production, and the Tamale Air Cargo Hub is set to transform northern Ghana into a major export and logistics corridor by 2027.